Advertisement



Industry

October 24, 2018

$20,000 instant asset write-off extended

Here’s the good news on claiming the cost of your business assets.

The $20,000 instant asset write-off threshold has been extended to 30 June 2019. This means you can continue to claim the cost of new or second-hand assets that are less than the threshold of $20,000.

What does it mean for your business?

Your business must have a turnover of less than $10 million to take advantage of $20,000 instant asset write-off.

Using simplified depreciation rules, you can:

  • instantly claim the business portion of most depreciating assets that cost less than $20,000 in your tax return for the relevant income year
  • only claim a deduction for the portion of the asset used for business or other taxable purposes and not for the portion for private use.

Assets of more than $20,000 can be put into a small business asset pool where you can claim gradual amounts each year.

What are depreciating assets?

A depreciating asset declines in value over time, such as:

  • computers
  • electrical tools
  • furniture
  • curtains
  • carpets
  • cars.

More information

  • To talk to someone about your particular circumstances, contact a registered tax agent, your accountant or business advisor.
  • Visit the Australian Taxation Office (ATO) website page on the Instant asset write-offor call the ATO on 13 28 66.

Original article:

https://www.business.gov.au/news/20000-instant-asset-write-off-extended





MPM Advertisment
 
 

 

China Cafe Study Tour 2019

Attend the #1 Largest China Cafe Expo Cafe Culture International and Cafe Culture China present: The Expanding Chinese Cafe Market Study Tour Shanghai Hotelex Coffee Expo Where: Shanghai New International Expo Centre, Pudong Di...
by Cafe Culture Mag
 

 
 
by Cafe Culture Mag
 

 
 

Get the most out of Christmas trade

In Australia and NZ, good weather combines with the festive season to make Christmas a busy time of year for most hospitality businesses. The silly season may bring a bit of extra stress, but by observing a few golden rules you...
by Cafe Culture Mag
 

 

 

Cybertongue technology!

A cybertongue that can rapidly detect lactose and spoilt milk, developed by CSIRO, has today been licensed to startup PPB Technology. The next-generation diagnostic tool uses biological sensors to detect substances like lactose...
by Cafe Culture Mag
 

 
Advertisement
 

An Interesting Christmas read.

Alternative Food Politics: From the Margins to the Mainstream covers topics ranging from ag-tech start-ups and social justice projects, to new ways of mediating food wastage, celebrity, and ‘ethical’ foods, as well as the r...
by Cafe Culture Mag
 

 

 

Coffeesmiths Espresso Bar

The sign on the side of the road had intrigued me for weeks – ‘Coffee to wake the dead’. Always a sucker for a quirky A-frame I knew it was only a matter of time before I tested that claim. Sure enough one Wednesday m...
by Cafe Culture Mag
 

 
 

Australia’s Newest Tea Lounge

Australia’s newest tea lounge concept “TAVALON TEA LOUNGE” has been launched in the heart of Westfield Garden City for its soft opening in November 2018. This exclusive, luxurious and elegant tea lounge is changing the wa...
by Cafe Culture Mag
 

 

 
by Cafe Culture Mag
 

 
 

It’s a wrap! Golden Bean 2018

Here we are again, at the end of another year and Golden Bean competition! The fourteenth annual Golden Bean Australia/New Zealand competition was held in its customary location, the scenic town of Port Macquarie. Dozens of roa...
by Cafe Culture Mag
 

 
 

Helping Australian small businesses grow by going digital

Support from ASBAS Digital Solutions available.   The Australian Small Business Advisory Services (ASBAS) Digital Solutions program  provides access to business advisory service providers to deliver low cost, high quality, di...
by Cafe Culture Mag
 

 




ad